Kapamilya TV host Luis Manzano clarified that his stepfather, Department of Finance (DOF) Secretary Ralph Recto, is not the author of the Capital Markets Efficiency Promotion Act (CMEPA).
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The law imposes a 20% tax on bank savings interest, particularly time deposits, which sparked criticisms online, with some netizens blaming Sec. Recto due to his current DOF position.
Luis took to his Instagram story to clear the issue:
“Google sino gumawa ng CMEPA,” he wrote.
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He emphasized that RA 12214’s principal author is Albay 2nd District Rep. Joey Salceda in the House of Representatives, while in the Senate, the sponsor was Sen. Win Gatchalian, chairperson of the Senate Committee on Ways and Means.
